NatWest-owned Coutts has cut its investment platform tariffs with fees now starting from 0.15%, down from a minimum of 0.35%.

The bank’s head of private banking Peter Flavel said the move was part of a plan to deliver “proper Financial Planning.”

The wealth manager and bank is consolidating tariffs for both Face to Face and Online Invest and claims its new tariffs will be among the lowest of any UK investment platform.

The Investment Platform tariff, including the digital advice platform Coutts Invest, now starts from 0.15%.

Coutts’ says the move is part of a simplification and client cost saving strategy.

In 2016 Coutts stopped charging clients for ongoing advice. Recently, it announced it would also scrap implementation fees and now charges a one-off flat fee for Financial Planning and/or investment advice.

The platform fee is now 0.15% for investments up to £1m, then 0.1% from £1m to £5m and 0.05% for amounts of £5m+.

Currently, Coutts offers two investment platform tariffs with different tiers and different fees. From this month clients have one investment platform tariff for both services.

Camilla Stowell, head of client coverage at Coutts, said: “As we have grown our business by advising and investing for more clients across the organisation, we have achieved ongoing process improvements and efficiencies which ultimately mean we can share these benefits of scale back with our clients. The new tariff will be one of the lowest for an investment platform in the UK marketplace.”

The new proposition also sees Coutts reduce the ongoing charge for its Personal Portfolio Fund (PPF). The PPF proposition is accessible via Coutts Invest which is available across other banks in the group including NatWest, Royal Bank and Ulster Bank. The digital-only platform allows investors to invest in one of five managed funds. The Personal Portfolio Fund (PPF) currently holds £750m in AuM.

NatWest Group recently moved all of its wealth businesses; Coutts, Adam & Company, Holt’s, Drummonds, PCAIS and Premier Banking and Premier 24 under the management of CEO Private Banking, Peter Flavel.

Mr Flavel, also CEO of Coutts, said: “We’re obviously very proud of the continued growth of our AuM and because of it, we have been able to re-evaluate our Investment Platform Tariff and pass on the benefits of increased scale and efficiency to our clients.

“In tandem, this aligns with our purpose of championing potential by significantly reducing cost which is a perceived barrier to investing and in turn, position ourselves even better for helping tackle the UK savings gap. To do so, we must raise awareness of proper Financial Planning, the importance of paying down debt and the practicalities of investing for one’s future.”